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Excess Liquidity and Effectiveness of Monetary Policy : : Evidence from Sub-Saharan Africa / / Magnus Saxegaard



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Autore: Saxegaard Magnus Visualizza persona
Titolo: Excess Liquidity and Effectiveness of Monetary Policy : : Evidence from Sub-Saharan Africa / / Magnus Saxegaard Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
Descrizione fisica: 1 online resource (52 p.)
Soggetto topico: Monetary policy - Africa, Sub-Saharan - Econometric models
Liquidity (Economics) - Econometric models
Banks and Banking
Finance: General
Money and Monetary Policy
Portfolio Choice
Investment Decisions
Banks
Depository Institutions
Micro Finance Institutions
Mortgages
Monetary Policy
Finance
Banking
Monetary economics
Excess liquidity
Commercial banks
Reserve requirements
Monetary transmission mechanism
Liquidity
Economics
Banks and banking
Monetary policy
Soggetto geografico: Nigeria
Note generali: "May 2006."
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. SOME STYLIZED FACTS ON RESERVE REQUIREMENTS AND EXCESS LIQUIDITY IN AFRICAN COUNTRIES""; ""III. MEASUREMENT OF EXCESS LIQUIDITY""; ""IV. EXCESS BANK LIQUIDITY AND MONETARY POLICY TRANSMISSION MECHANISM""; ""V. SUMMARY AND POLICY IMPLICATIONS""; ""References""
Sommario/riassunto: This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy.
Titolo autorizzato: Excess Liquidity and Effectiveness of Monetary Policy  Visualizza cluster
ISBN: 1-4623-3669-8
1-4527-8344-6
1-283-51394-3
1-4519-0909-8
9786613826398
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788413503321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2006/115